EBR Systems published its FY 2025 annual report (Form 10-K), reporting revenue of USD 1.62 million as it began commercializing the WiSE CRT System in Q2 2025 following FDA approval in April. Net loss for FY 2025 widened 19.5% to USD 48.76 million. Selling, general and administrative expense more than doubled to USD 22.64 million, driven by workforce expansion to support adoption of WiSE and higher travel and facility-related costs. Research and development expense fell 11.5% to USD 23.94 million, mainly due to lower contract manufacturing and facility-related costs from inventory capitalization, partly offset by higher personnel and post-approval study spending. EBR ended FY 2025 with USD 54.2 million in cash, cash equivalents and marketable securities, and said substantial doubt exists about its ability to continue as a going concern for at least 12 months from the filing date.

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